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Seoul stocks open lower as investors test waters

All News 09:27 September 17, 2021

SEOUL, Sept. 17 (Yonhap) -- South Korean stocks opened lower Friday ahead of the holiday as investors weigh the pace of an economic recovery from the pandemic.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 14.08 points, or 0.45 percent, to 3,116.01 points in the first 15 minutes of trading.

Stocks retreated as investors took to the sidelines to digest mixed U.S. economic indicators, such as weak price and strong retail sales in August, and their impact on the global economy.

Overnight, the Dow Jones Industrial Average declined 0.18 percent, with the S&P 500 slipping 0.16 percent. The tech-heavy Nasdaq Composite edged up 0.13 percent.

The Seoul bourse will close Monday to Wednesday for the Chuseok holiday, the Korean equivalent of Thanksgiving.

In Seoul, market kingpin Samsung Electronics edged down 0.13 percent, and No. 2 chipmaker SK hynix traded flat.

Internet portal giant Naver decreased 0.5 percent, but top pharmaceutical firm Samsung Biologics added 0.76 percent.

Leading carmaker Hyundai Motor gained 0.48 percent, while giant chemical maker LG Chem retreated 1.12 percent.

The local currency was trading at 1,176.35 won to the U.S. dollar, down 4.55 won from the previous session's close.


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